TD Bank offers both unsecured and secured loan opportunities to borrowers with good credit or those trying to establish credit. If you’re looking for fast funding and loan purposes ranging from debt consolidation to financing major purchases, TD Bank is worth consideration.
You don’t need an existing relationship with the bank to get a loan, but it helps. TD customers can get a discount on rates by meeting certain criteria.
Is a TD Bank personal loan right for you?
Personal loans from TD Bank can be used for a wide range of needs. But because it’s a full-service bank, its loans are best for those interested in keeping all of their financial accounts in one spot. They are an especially good choice for existing customers, who get a discount on rates for having a checking or savings account with the bank and enrolling in automatic payments.
Here’s the profile of someone who is a good fit for a TD Bank personal loan:
- Existing bank customers. You can shave 0.25 percent off of your loan APR by having a checking or savings account and enrolling in automatic payments.
- Anyone interested in multiple loan options. TD Bank offers four different types of loans, including an express loan for fast funding within two days, an unsecured loan for larger amounts, a line of credit and a secured loan.
- Borrowers with less than average credit. TD Bank’s secured loan offers borrowers the opportunity to borrow against their assets and build or establish credit.
- Those who enjoy a brick-and-mortar banking experience. TD Bank operates retail stores in 15 states: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C. While its unsecured loan application can be filled out online, the agreement must be finalized at a bank.
- Someone interested in borrowing for anything other than educational expenses. Loans from TD bank can be used for debt consolidation, financing a major purchase, home improvements or other purposes, but not education.
The lending terms you’ll receive from TD Bank depend on the type of loan you’re getting.
TD Express Loan amounts range from $2,000 to $25,000 with APRs of 6.99 percent to 18.99 percent. Terms of 12 to 60 months are available. Borrowers may receive funds in as little as 48 hours. To be eligible, borrowers must have a credit score of 660 or above. No income verification is required.
Personal unsecured loans offer loan amounts from $2,000 to $50,000, APRs range from 6.99 percent to 18.99 percent and repayment options from 12 to 60 months are available. Like the TD Express Loan, borrowers must have a credit score of 660 or above to qualify. Income verification is required for this type of loan. After filling out the application, a lending representative will contact you within one business day.
Secured personal loans range from $5,000 to $50,000 with variable rates from 7.92 percent to 18 percent and repayment terms of 12 to 60 months. Borrowers looking to build or establish credit may qualify for this type of loan. Income verification is required.
Unsecured lines of credit from TD offer borrowing amounts from $20,000 to $50,000 with variable rates ranging from 10.50 percent to 15.50 percent. It has a 10-year draw period with a 10-year repayment period. Good to excellent credit is required in order to be eligible.
|TD Bank||PNC Bank|
|Loan amounts||$2,000 to $50,000||$1,000 to $35,000|
|APR range||6.99% to 18.99%||5.99% to 25.44%|
|Origination fee||None ($50 on secured personal loan)||None|
|Minimum credit score||660 or above for unsecured loans||Not specified|
|Time to funding||48 hours for the Express Loan||1-2 business days|
|Soft credit check with application?||No||No|
Fees and penalties
For the most part, TD keeps fees for its loans to a minimum. It charges a $50 origination fee for its secured loan. But its unsecured loans and lines of credit have no origination fee or application fee. The line of credit has an annual fee of $25. And non-TD Bank members do pay 0.25 percent more on rates than customers with a checking or savings account who enroll in autopay.
All loans have a late payment fee that’s 5 percent of the minimum payment due or $10, whichever is less.
Online lenders tend to be more lenient when it comes to fees than brick-and-mortar institutions. If you’re looking for a fee-free lender, check out institutions like Marcus by Goldman Sachs, LightStream and SoFi.
How to apply
You can apply for an unsecured loan online, by phone or in person at a TD Bank branch. Applications for secured loans must be submitted in person at a branch.
The fastest way to get the process for an unsecured loan started is to fill out an application on the bank’s website. TD Bank claims that the consumer loan application only takes about 15 minutes to finish. After completing the application, a TD Bank lending specialist will contact to you within one business day.
In order to complete the loan, you’ll need the following info:
- Your Social Security Number
- Any expenses, such as mortgage or rent, you currently have
- Your employment history and income
If approved for a loan, you’ll need to visit a branch to sign the loan agreement and receive funding.
Before settling on a lender, it’s a good idea to explore multiple options. You may find a lower rate or better terms at another lender. When shopping, make sure to compare personal loan rates based on your specific needs, including loan amount, credit score, location, income and loan purpose.
What to do if you’re turned down
Being rejected for a loan can be frustrating. Make sure to get some explanation before moving on to another lender. Ask why you were turned down for the loan. There’s a chance the lender could have made an error, especially if you have excellent credit. Or you may need to correct errors on your credit report before applying at another lender.
Remember that lenders are competing for your business, and some lenders accept applicants that others do not. That makes it crucial to shop around.
An alternative to TD Bank is PNC, which offers a range of loan options — including secured loans and lines of credit — to borrowers in select states throughout the nation.
If PNC isn’t in your area, browse options from online lenders. Those with excellent credit interested in low rates and fast funding from an online lender backed by a large bank might want to consider Lightstream. It’s the online lending division of SunTrust Bank and provides an entirely virtual loan process.
Anyone interested in building or establishing credit may want to shop for a loan at Upgrade, which provides affordable loans to borrowers with less than excellent credit.
A brief history of TD Bank
TD Bank’s history dates as far back as 1852. The bank as it is known today is the product of a merger of several different banks under TD Bank Group, including Banknorth, Commerce Bank and Carolina First Bank. Today, TD Bank is one of the 10 largest banks in the U.S. and has around 1,250 locations throughout the Northeast, Mid-Atlantic, the Carolinas, Florida and Washington, D.C.
In addition to its loan offerings, TD is a full-service bank, providing checking and savings accounts, CDs, mortgages, IRAs and even prepaid cards.
How Bankrate Rates TD Bank
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